He notes that, year-over-year growth in nonfarm payrolls and household jobs have fallen to 19 and 18 month lows, respectively.

"The key issue is the pressure on income: people between 35 and 54, i.e., those in their prime earning years, have actually lost jobs since the start of the so-called jobs recovery," he continued.

Indeed, income is becoming an increasingly worrisome metric as consumer spending appears to be bolstered by a falling savings rate. BlackRock's Russ Koesterich even dubbed it the most important number right now.